Labor Department Sues Over Plans’ Madoff Investments
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The U.S. Labor Department sued four investment firms for allegedly failing to examine swindler Bernard Madoff’s business practices before entrusting him with hundreds of millions of dollars in pension funds.
Ivy Asset Management LLC, Beacon Associates Management Corp., J.P. Jeanneret Associates Inc., Andover Associates Management Corp. and their principals were named as defendants in a complaint filed today in federal court in Manhattan.